Bitcoin price dips below $50,000

On Friday, 23 April, the price of the first cryptocurrency fell below the $50,000 mark. In the last 24 hours, digital gold has fallen 8.5%, according to CoinGecko.

At the time of writing, Bitcoin is trading around $49,200 (Bitstamp). The asset’s market capitalisation stands at $928.6 billion.

As a result of the decline, total liquidations in the futures market exceeded $3.68 billion.

According to Crypto Quant, the ‘kimchi premium’ fell from a peak of 26% to zero.

Korea Premium Index became zero from 26%.

Chart 👉 https://t.co/L15XuxqABJ pic.twitter.com/UHZRZNsFXz

— CryptoQuant.com (@cryptoquant_com) April 23, 2021

Ethereum is in the red zone, which on 22 April broke through the $2,600 level. At the time of writing the cryptocurrency trades around $2,200 — a 24-hour drop of 11.8%. The Block analyst Larry Cermak pointed to a surge in trading volume on Coinbase.

Some ETH whale on Coinbase is shitting their pants LMAO pic.twitter.com/bvqWVuhK5k

— Larry Cermak (@lawmaster) April 23, 2021

The price of Binance’s BNB token fell to $481. The most pronounced decline among the top ten cryptoassets by market capitalisation was Dogecoin — in the last 24 hours the coin fell 30.1% and trades around $0.20.

Earlier, Guggenheim Partners’ chief investment officer Scott Minerd warned of a possible correction of Bitcoin to the $20,000–$30,000 level.

JPMorgan strategist Nikolaos Panigirtzoglou also warned of the possibility of a drop in Bitcoin. The bank’s long-term target is $130,000.

For details on what is driving the Bitcoin price declines, read ForkLog’s article ForkLog.

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